Home BUSINESS BANKING & FINANCE Fed Government Disburses N43.4 Billion World Bank Transparency Programme To 24 States

Fed Government Disburses N43.4 Billion World Bank Transparency Programme To 24 States

Zainab-Ahmed

The Federal Government of Nigeria has disbursed the sum of N43,416,000,000.00 ($120.6 million) to 24 states under the World Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results.

The fund is through a performance-based grant which is wholly-financed with a loan of $750 million from the International Development Association (IDA), a member of the World Bank Group.

Kaduna, voted as having achieved the highest number of results (nine), got the highest share of N3. 960 billion, while Katsina and Benue states got the lowest amount of N540 million each.

The 24 states were said to have achieved: improved financial reporting and budget reliability; increased openness and citizens’ engagement in the budget process; improved cash management and reduced revenue leakages through the implementation of State Treasury Single Account (TSA); strengthened Internally Generated Revenue (IGR) collection; biometric registration and Bank Verification Number (BVN) used to reduce payroll fraud.

The 24 beneficiary states are Abia, Adamawa, Bauchi, Benue, Delta, Edo, Ekiti, Enugu, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Niger, Ondo, Ogun, Oyo, Osun, Sokoto, Taraba and Yobe states.

Editorial staff
Editorial Staff at Greenbarge Reporters is member of a team of journalists led by Editor-in-Chief, Yusuf Ozi Usman.

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